DEBENTUREHOLDERS, ETC. v. CONTINENTAL INV. CORP.

Nos. 81-1741 to 81-1743 and 81-1756.

679 F.2d 264 (1982)

DEBENTUREHOLDERS PROTECTIVE COMMITTEE OF CONTINENTAL INVESTMENT CORPORATION, Appellant, v. CONTINENTAL INVESTMENT CORPORATION, Debtor. The FIRST NATIONAL BANK OF BOSTON, INDENTURE TRUSTEE, Appellant, v. CONTINENTAL INVESTMENT CORPORATION, Debtor. O.C. ASSOCIATES, Appellant, v. CONTINENTAL INVESTMENT CORPORATION, Debtor. BANKERS TRUST COMPANY, INDENTURE TRUSTEE, Appellant, v. CONTINENTAL INVESTMENT CORPORATION, Debtor.

United States Court of Appeals, First Circuit.

Decided April 30, 1982.

Certiorari Denied October 4, 1982.


Attorney(s) appearing for the Case

Frederick G. Fisher, Jr., Boston, Mass., with whom Hale & Dorr, Boston, Mass., was on brief, for appellant Debentureholders Protective Committee of Continental Inv. Corp.

Harvey R. Miller, New York City, with whom Bruce R. Zirinsky, Jeffrey L. Tanenbaum, Cara N. Nash, and Weil, Gotshal & Manges, New York City, were on brief, for appellant O.C. Associates.

Victor Bass, Boston, Mass., with whom Erik D. Lazar, and Palmer & Dodge, Boston, Mass., were on brief, for appellant The First Nat. Bank of Boston.

Jon D. Schneider, Boston, Mass., with whom Raymond C. Zemlin, and Goodwin, Procter & Hoar, Boston, Mass., were on brief, for appellant Bankers Trust Co.

William F. Macauley, Boston, Mass., with whom John A.K. Grunert, Craig & Macauley Professional Corp., Richard E. Bachman, and Hale, Sanderson, Byrnes & Morton, Boston, Mass., were on brief, for appellees Glen Corp., et al.

Daniel M. Glosband, Boston, Mass., with whom Richard T. D'Elia, Gayle M. Merling, and Goldstein & Manello, Boston, Mass., were on brief, for appellee Paul Lazzaro, Trustee of Continental Inv. Corp.

Before CAMPBELL and BREYER, Circuit Judges, and WYZANSKI, Senior District Judge.


Certiorari Denied October 4, 1982. See 103 S.Ct. 192.

WYZANSKI, Senior District Judge.

These four appeals raise the issue whether the district court erred in confirming a plan of reorganization of Continental Investment Corporation ["CIC"], a solvent debtor involved in proceedings pursuant to chapter X of the Bankruptcy Act, 11 U.S.C. ch. X § 501 et seq., because the plan did not provide that CIC's convertible debenture holders or its straight...

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